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Disgraced FTX founder Sam Bankman-Fried makes stunning admission that he spent NO time managing risk

‘I think I’ve gotten a little cocky’: Disgraced FTX founder Sam Bankman-Fried stunningly admits he spent NO time managing risk, thinking he had ‘made it’ before the $32 billion crypto exchange imploded

  • Disgraced FTX founder Sam Bankman-Fried has admitted for the first time that he spent ‘no time’ managing risk in his crypto exchange
  • Bankman-Fried spoke to Good Morning America from his $40 million penthouse in the Bahamas in an interview that aired Thursday morning
  • ‘I didn’t even try. Like I didn’t spend time or effort managing risk on FTX,” he said

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Disgraced FTX founder Sam Bankman-Fried has admitted for the first time that he spent “no time” managing risk in his crypto exchange because he got “a little cocky” – but still insists he doesn’t knew customer money was being funneled into Alameda research.

Bankman-Fried spoke to Good Morning America from his $40 million penthouse in the Bahamas in an interview that aired Thursday morning — a day after being grilled by journalist Andrew Ross Sorokin at the New York Times DealBook Summit.

In Thursday’s interview, Bankman-Fried made the stunning admission that he was “not trying” to manage risk at FTX.

“I think there’s something even more deeply wrong, which is that I didn’t even try. Like I didn’t spend time or effort managing risk on FTX,” he told GMA.

Bankman-Fried added that if he had “thought about risk management for an hour a day,” his company wouldn’t have imploded.

“I think I stopped working so hard for a while. You know, honestly, when I look back on myself I think I got a little cocky, I mean more than a little bit and I think part of me, you know, felt like we made it. ‘

Disgraced Ftx Founder Sam Bankman Fried Makes Stunning Admission That He

Disgraced FTX founder Sam Bankman-Fried has admitted for the first time that he spent “no time” managing risk in his crypto exchange because he got “a little cocky” – but still insists he doesn’t knew customer money was being funneled into Alameda research

In his interview with GMA’s George Stephanopoulos, Bankman-Fried acknowledged that people viewed him as the latest Bernie Madoff, the disgraced financier who spearheaded the $64.8 billion Ponzi scheme and whose name has become synonymous with fraud.

“I don’t think I’m like that, but I understand why they say that,” Bankman-Fried said of the characterization. “People lost money, and people lost a lot of money.

“I mean at the end of the day, look, there’s a question of what happened and why and who did what, what caused the meltdown. And I think that reads very differently.

“If you look at the classic Bernie Madoff story, there was no real business there. The whole thing as I understand it was just one big Ponzi scheme I guess, right? FTX, that was a real business.’

Bankman-Fried has tried to distance himself from the implosion of FTX, which was once valued at $32 billion, but filed for bankruptcy on Nov. 11 after traders pulled $6 billion from the platform in three days and rival exchange Binance had a bailout deal. gave up.

The liquidity crisis at FTX came after Bankman-Fried reportedly secretly moved $10 billion in FTX client funds to Alameda Research. At least $1 billion in customer funds have gone missing, according to Reuters.

Bankman-Fried, who resigned as CEO on the same day as the bankruptcy filing, has claimed that he was not aware of any serious issues until November 6, the same day Binance CEO Changpeng Zhao announced that his company would sell FTX shares. would liquidate. home crypto token.

This is an evolving story. More to follow

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Jacky

The author of what'snew2day.com is dedicated to keeping you up-to-date on the latest news and information.

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